Scott Brown on Budget & Economy
Republican Jr Senator
Ever since the US began writing rules for financial institutions, the banks have always paid the costs of regulation. The price tag for enforcing the new bank reforms was estimated to be about $19 billion, and the current version of the reform bill specifically said that the biggest financial institutions would pay for it.
Now Senator Brown threatened to hold up the bill unless that provision was changed. He insisted that the taxpayers, not the big banks, pick up the tab. Barney Frank was furious, but he didn't have much choice: the deal was cut, the final bill was passed by both the House & the Senate, and the legislation was sent to the president for his signature.
A. Senator Brown supports streamlining and consolidating wasteful and duplicative government programs, cutting spending, and comprehensive tax reform as a means to reduce the budget deficit. Senator Brown believes that keeping the tax burden low is an important factor in economic growth, which will be key to resolving our jobs, debt and deficit problems.
A: Sen. Brown prefers spending cuts, but would also support eliminating loopholes & exclusions and lowering tax rates in a manner that would produce more static revenue
Scott Brown supports an across-the-board tax cut. Martha Coakley says, quote, "We need to get taxes up." Brown has pledged not to raise taxes. Coakley says she will. Brown opposed the $2 trillion spending spree that's putting us deeper in debt. Coakley supports massive new spending and the tax increases to pay for it. Call Martha Coakley and tell her we can't afford more taxes.
Brown has said that he's not in favor of new regulation of the financial markets, preferring to let "private enterprise try to get us out of this mess."
A: I respectfully have to disagree with you this is not a Democrat state; it's not a Kennedy state; it's the people, and right now they're angry. They tried the tax and spend mentality and don't forget we already have twelve people down there right now [in Massachusetts' delegation to the U.S. Congress] that are voting the same way on the same special interest there. Taxing and spending us to a twelve trillion dollar national debt. People are telling me around the state that they want somebody different has been an independent thinker and talker. I have been representing now the state house's fiscal conservative watchdog so I have to respectfully disagree. You should come and see the enthusiasm and excitement to put somebody down there [in D.C.] who is not like the others.
A: It's all about the economy and jobs. Pulling back on the financial [regulations], I think if you do too much too soon, it doesn't have a chance to catch up and see if we can work out of this ourselves through free enterprise, through private enterprise, intervention and creativity. So I'm all in favor of just holding back for a little bit and letting private enterprise try to get us out of this mess.
Q: Is another government stimulus plan a good idea?
A: I don't think so. We are leaving a legacy, amassing amazing amounts of debt, passing it on to our kids and grand-kids, and at some point we are just going to be top heavy.
A: I don't agree with Barney's proposal on that. We should let the free-enterprise and the business market do what it needs to do to get our economy back and running. I'm concerned that government intervention into private businesses is just crossing the line.
The state shall issue and sell bonds of the Commonwealth in an amount [up to] $300,000,000. All such bonds shall be payable not later than June 30, 2010. All interest and payments on account of principal on such obligation bonds issued pursuant to this section shall be special obligations of the Commonwealth. [Establishes a 7-year bond program to borrow money to pay off the budget deficit].
Relevant platform section: PART V: FISCAL RESPONSIBILITY, TAX EQUITY, & PUBLIC STEWARDSHIP: Tax Fairness and Responsible Budgeting: "Budgets should be fiscally responsible and balanced without gimmicks."
Source citation: Amendment to MGL 29 ; vote number 62
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